Comments on: Costa Ricans’ credit card debt soars 18.2% since last year

By: Gary Hogan

Gary Hogan — Tue, 31 Mar 2015 02:20:00 +0000

The government should be looking out for the citizens and limit the amount of interest allowed. US banks are doing the same, although a bit lower rates (20-30%), plus payday lenders at 100-1000%!! Government needs to start looking out for their citizens more than the banks. Banks only pay single digits for their money.

By: Timothy Williams

Timothy Williams — Mon, 30 Mar 2015 22:17:00 +0000

I should clarify “bank-issued” as “bank or financial institution issued.” One of the largest credit card issuers here, Credomatic, is not a “bank” in the retail banking sense, but they are a bank in the legal sense (think “Capital One” credit cards in the U.S.).

These figures do NOT include store/retailer-issued credit however – these are real credit cards that consumers can use for purchases anywhere.

Retail credit is far worse.

By: Michael C

Michael C — Mon, 30 Mar 2015 22:10:00 +0000

Thanks, Timothy! I have seen the “microscopic” interest rate chart on Monge ads, and could not believe the rates! People will NEVER get out of debt! Monge et al. must make more on the interest than the product!
I wasn’t aware that the bank cards are also legal robbery!

By: Timothy Williams

Timothy Williams — Mon, 30 Mar 2015 22:02:00 +0000

Those aren’t stores; those are bank-issued credit cards. Retail credit (for example, from Monge, Casa Blanca, etc.) is even worse.

By: Michael C

Michael C — Mon, 30 Mar 2015 22:00:00 +0000

Those interest rates are nothing short of legalized robbery! Shame on those stores for holding their fellow Ticos in financial bondage, and the government for allow this!

By: prdatki

prdatki — Mon, 30 Mar 2015 17:44:00 +0000

Well,how can they charge so high an Interest > It should be illegal l! That is much higher than what The Brothers were paying and the Government shut them down. Now who are the criminals?